Pangang Boosts Vanadium and Titanium Dioxide Output in 2024 Amid Price Decline

Pangang Group

Pangang Increases Output of Vanadium and Titanium Dioxide

Pangang Group, China’s third-largest titanium dioxide producer, raised output in 2024 despite lower spot market prices. The company produced 252,900t of titanium dioxide, up 0.8% year-on-year, including 26,900t via chlorination. Vanadium pentoxide output rose by 7.3% to 53,400t, while sulphate titanium slag production fell 6% to 181,800t.

Revenue Falls Despite Strong Output Gains

Pangang’s 2024 revenue fell by 8.2% year-on-year to 13.2 billion yuan ($1.82 billion), hit by weaker vanadium and titanium prices. The company’s current capacities include 1.8 million t/yr for titanium concentrate, 220,000 t/yr for slag, and 300,000 t/yr for titanium dioxide. Chlorination-based production contributes 75,000 t/yr, showing Pangang’s focus on high-purity product diversification.

2025 Targets Set Higher for Titanium Dioxide

Pangang plans to produce 52,500t of vanadium pentoxide and 290,000t of titanium dioxide in 2025. Of the total, 64,500t will be chlorination-grade material, while titanium slag output is forecasted to hit 192,000t. Meanwhile, export prices for 93% rutile-grade material rose to $2,100–2,150/t fob China, tracking domestic price strength.

The Metalnomist Commentary

Pangang’s output growth amid a low-price environment reveals a strategic push to preserve market position. While profitability took a hit, the company’s expanded production and chlorination investment could position it well for a rebound in global demand. Titanium and vanadium markets should monitor Pangang’s moves closely in 2025.